Altice USA (NYSE:ATUS) Hits New 1-Year Low on Analyst Downgrade

Altice USA, Inc. (NYSE:ATUS)’s share price hit a new 52-week low during mid-day trading on Thursday after Citigroup lowered their price target on the stock from $3.25 to $2.75. Citigroup currently has a buy rating on the stock. Altice USA traded as low as $1.82 and last traded at $1.8250, with a volume of 1233907 shares changing hands. The stock had previously closed at $1.96.

Other equities research analysts have also recently issued research reports about the company. The Goldman Sachs Group initiated coverage on Altice USA in a research note on Tuesday, September 2nd. They issued a “sell” rating and a $2.00 price objective for the company. Barclays dropped their price target on Altice USA from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Friday, November 7th. Zacks Research downgraded shares of Altice USA from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Altice USA in a research report on Wednesday, October 8th. Finally, Evercore ISI set a $2.50 price target on Altice USA in a research report on Friday, November 7th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $2.55.

Hedge Funds Weigh In On Altice USA

Several institutional investors and hedge funds have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Altice USA during the 3rd quarter valued at $27,000. DoubleLine ETF Adviser LP bought a new position in shares of Altice USA in the first quarter worth about $29,000. May Hill Capital LLC bought a new position in shares of Altice USA in the second quarter worth about $29,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Altice USA by 50.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after purchasing an additional 5,156 shares in the last quarter. Finally, R Squared Ltd lifted its holdings in Altice USA by 56.0% in the 1st quarter. R Squared Ltd now owns 15,490 shares of the company’s stock worth $41,000 after purchasing an additional 5,560 shares in the last quarter. 54.85% of the stock is currently owned by institutional investors.

Altice USA Trading Down 7.9%

The company has a 50 day simple moving average of $2.35 and a two-hundred day simple moving average of $2.38. The firm has a market capitalization of $845.91 million, a P/E ratio of -0.46 and a beta of 1.63.

Altice USA (NYSE:ATUS) last issued its earnings results on Thursday, November 6th. The company reported ($3.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($3.43). The company had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.13 billion. The business’s revenue was down 5.4% compared to the same quarter last year. During the same period last year, the company posted ($0.09) EPS. On average, sell-side analysts expect that Altice USA, Inc. will post -0.24 EPS for the current fiscal year.

Altice USA Company Profile

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States, Canada, Puerto Rico, and the Virgin Islands. It offers broadband, video, telephony, and mobile services to residential and business customers. The company's video services include delivery of broadcast stations and cable networks; over the top services; video-on-demand, high-definition channels, digital video recorder, and pay-per-view services; and platforms for video programming through mobile applications.